Budgeting Time and Valuing Risk Management

You have been assigned to a project team as one of the SMEs to analyze the plan of a project for a new payroll system that is behind schedule and over budget. The project was supposed to be completed in one (1) year, but now, it is running about three (3) months behind schedule and 25% over budget. It is expected that the project may continue to fall further behind schedule and over budget. The sponsor and the project manager want save the project at all costs.
Recommend a series of actions to save the project and identify possible risks in following your recommendations.
Support your comments by citing quality academic references such as our Kloppenborg 4e textbook, project management sources from the Strayer Library, PMBOK, and other reliable references.